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US mortgage rates hit record lows

The average 30-year fixed rate mortgage in the US fell back to a record low of 3.49 percent this week as the 15-year rate hit a new record low.

Government sponsored mortgage buyer Freddie Mac confirmed that 30-year rates had returned to their all-time record low level this week as the average 15-year rate established a new record low of 2.77 per cent.

The results follow the announcement by the Federal Reserve chairman Ben Bernanke that an aggressive policy of mortgage-backed securities purchases, at a rate of $40bn (£25bn) a month, is being pursued in order to drive a housing market recovery.

Freddie Mac vice president and chief economist Frank Nothaft says: “Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell bringing average fixed mortgage rates to their all-time record lows which should aid in the ongoing housing recovery.

“New construction on one-family homes rebounded in August, rising by 5.5 per cent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 per cent in August to its strongest pace since May 2010.”


8% rise in home mover loans

The number of loans taken out by home movers rose by 8 per cent compared with June and by 4 per cent on July last year, the latest figures out from the Council of Mortgage Lenders reveal. Home movers were advanced 30,500 loans worth £5.1bn in July, with the increase contributing to a jump in […]

Moneyfacts reports boost in high LTVs

Moneyfacts last week reported a boost in high LTV loans with 36 new mortgage deals in the 85% LTV tiers and above in August 2012, a complete reversal from the drop of 26 products in July. In a breakdown of individual tiers, there were 16 more products in the 85% LTV tier – 11 fixed […]

750,000 homes needed by 2015, reveals JRF

The Joseph Rowntree Foundation last week revealed that it estimates a massive 750,000 homes are required to meet the UK’s housing needs by 2015. However, even if all the Government’s current housing schemes succeed by the end of 2015, JRF says the UK will still have 310,000 fewer homes than it needs. The Government announced […]

Secured loan lending up nearly 50 per cent in August

Lending for the secured loan market increased by nearly 50 per cent in August compared with the same period in 2011. Figures from Loans Warehouse show that second charge lending increased from £24m in August 2011 to £34.6m in August 2012, representing the largest annual growth rate in over three years. Loans Warehouse joint director […]


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